Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Management Accounting:
Management accounting on the other hand tends to focus internally. Reports generated through management accounting processes will be used by the organisation's management to assist in planning and control.
Rather than focusing on the past (as is the case with financial accounting), management accounting attempts to take information from the past and projects it into the future. The primary management accounting report is the budget, and reports analysing actual results against budgeted targets.Management accounting uses historical data to assist in establishing financial objectives, and allows managers to make rational management decisions to achieve those objectives.
Management accounting reports usually provide great detail and cover much shorter periods of time (sometimes weekly). This allows managers to act quickly and decisively if required.
The major differences between financial and management accounting can be summarised as follows:
Financial Accounting
Management Accounting
Information for external users
General purpose
Long time periods (FY)
Reports on the past
Required by law
Subject to accounting standards
Focuses on objective data
Used primarily by internal users
Usually focused on specific purpose
Short periods (monthly, weekly)
Past and future
Not required by law
Not compelled to meet standards
Can utilise subjective data
Characteristics of a Stock Exchange The requirements for a stock exchange to act as a platform for buying and selling securities is dependant upon the trading prerequisites. Som
Financial Evaluation and Decision Making: The final major element of financial management is the evaluation of the information provided through the accounting and budget proces
What are the advantages and the disadvantages of a new stock issue? A new stock issue increases funds and reduces the riskiness of the firm. It as well tends to send a negative
It is true that company monetary statements will often consist of narrative information about staff as a key resource. However, under accounting regulation this resource is not sho
What are the advantages and disadvantages of the aggressive working capital financing approach? An belligerent working capital financing approach typically results in a lower c
a) Product orientated businesses tend to be produce products and inward looking that they hope will sell in the marketplace. For example, Sony hoped that its $101,500 audio systems
Q. What do you mean by Sarbanes-Oxley? Sarbanes-Oxley (SOX) - Sarbanes-Oxley Act was signed into law on 30 July 2002 by President Bush. Act is designed to oversee the financial
Why does most interbank currency trading worldwide involve the U.S. dollar? Answer: Trading in currencies worldwide is in opposition to a common currency which has international
how do legal consideration affect a firms credit policy
Which one is true 1.the higher the discount rate the lower the cost of trade credit 2.the higher the discount rate the higher the cost of trade credit 3.cost of trade credit duri
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd